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EASTERN COLUMBIA RESTORATION LAUNCHES KOR DEVELOPMENT'S MOVE INTO RESIDENTIAL REALM

Three Additional Loft/Condominium Projects Announced; 1930 Building Is Los Angeles' Most Architecturally Significant Adaptive Reuse Project

Los Angeles, CA -- Kor Development, known for its distinctively designed and trend-setting hotels such as the Avalon and Viceroy Santa Monica, has announced the restoration of the Eastern Columbia building into loft condominiums. The conversion of Eastern Columbia - a 1930 Zig Zag Moderne gem that was once the height of opulence in downtown Los Angeles - signals Kor's entry into residential development.

The Eastern Columbia project (www.koratlas.com) joins three more in the region, forming the basis of Kor's new residential loft condominium portfolio, the Kor Collection. These include two other conversions of historic properties - Molino Street Lofts in the downtown Artist District and Broadway Hollywood at the legendary intersection of Hollywood and Vine - as well as the new live-work spaces of Sunset Silver Lake.

The transformation of Eastern Columbia from obsolete showrooms and offices to new lofts will be announced June 23, 2005, with a dramatic re-lighting of the clock tower atop the 13-story building. When complete, the resulting development will be Los Angeles' most architecturally significant adaptive reuse project. Sales have begun for selected loft units, with restoration expected to be completed in late 2006.

"We are grateful for the opportunity to transform Eastern Columbia into a new community in the heart of the city," said Kate Bartolo, senior vice president, development. "This project is significant on many levels: It returns one of L.A.'s greatest landmarks to its former glory; it begins to revitalize a part of the city that has been neglected but that is full of promise; and it establishes a benchmark for all our future residential projects… one of design excellence and social responsibility."

The project will include condominium interiors by Kelly Wearstler Interior Design (KWID), whose designs for hotels and resorts, as well as residences and offices, receive international attention. The 147 light-filled lofts range from 881 to 3,208 square feet, some with 14 ft. ceilings. The new Eastern Columbia will offer a rooftop pool deck, leisure terrace and fitness studio. The meticulous restoration will also include tile flooring, windows, gold trim and many other details.

"Eastern Columbia, like the Broadway Hollywood and Molino Street Lofts, represents Kor's approach to revitalizing neighborhoods by restoring properties that are architectural diamonds in the rough," said Bartolo. "What was once an aging structure without a clear future will become a thriving new community and the cornerstone of one of Los Angeles' most vibrant emerging neighborhoods."

Ken Bernstein, Director of Preservation Issues for the Los Angeles Conservancy, supports Kor Development's approach to transforming of the Eastern Columbia building (which is on the National Register of Historic Places) and its other properties.

"Kor Development is creating distinctive new living spaces within buildings such as Eastern Columbia that have a built-in sense of place," Bernstein said. "We should encourage this because people are actively seeking the unique ambience and intact character that Los Angeles' distinctive historic buildings provide."

"We are happy that Kor Development made great efforts to leave Eastern Columbia's structure as intact as possible, because it is benefiting from federal and city historic preservation incentives, such as tax credits. In addition, potential residents crave the authenticity and intact historic architecture that only buildings such as Eastern Columbia possess," said Bernstein.

Sales for Eastern Columbia lofts are conducted a few blocks away at the new Kor Collection Residential Sales Showroom in the Pegasus building at 612 S. Flower Street, or visit www.koratlas.com

The three other initial components of the Kor Collection residential portfolio are:

Molino Street Lofts: Artist-in-residence, live-work condominiums etched into adjoining 1920s-era industrial buildings in the Artist Loft District of downtown Los Angeles (www.koratlas.com)
Broadway Hollywood: Sophisticated residences refashioned from the 1927 Broadway department store, a Renaissance Revival gem (www.koratlas.com)
Sunset Silver Lake: New live-work spaces in the heart of the creative Sunset Junction district (www.koratlas.com)

An innovative presence in the real estate and travel industries, Kor Development is redefining the concept of home with its distinctive hotel and residential properties. Every Kor project reinterprets the modern-day environment, blending the comforts of home, business necessities and leisure amenities in unique settings. Starting with Beverly Hills' Avalon Hotel in 1998, Kor continues to craft a rare array of boutique hotels consistently singled out for praise in such influential publications as CondeNast Traveler and Travel + Leisure.

That success extends to the residential projects of the Kor Collection. Respect for the historic character of landmark buildings and their local legacies guides Kor's redevelopment approach; insight into modern residents' desires for a luxurious yet relaxed lifestyle underscores the design process. The result: personal spaces at sought-after addresses, rich in classic and vintage elements, up-to-the-moment conveniences and inspired interior design.

1212 South Flower Street Suite 500 Los Angeles, CA 90015 T 323 930 3700 F 323 930 3701